Benchmark Indices Midcap Trade Higher | Trade Nivesh

Benchmark Indices Midcap Trade Higher | Trade Nivesh

Asian markets were mixed with Japan's Nikkei falling 0.7 percent while South Korea's Kospi gained 0.3 percent.

Shares of Tinplate Company of India and Tata Metaliks fell nearly 7 percent intraday after weak set of June quarter earnings reported by both companies.

Federal-Mogul in focus

Tenneco has filed an appeal with Securities Appellate Tribunal w.r.t open offer for Federal-Mougl's shares.

Tenneco had launched an open offer for 25 percent stake in company.

McLeod Russel in its BSE filing said lenders invoked pledge on 20.4 lakh shares (representing 1.9 percent of total equity) on July 8.


Sensex hovers around 39,000:

Benchmark indices traded higher in late morning deals with the Sensex rising 116.60 points to 39,013.31 and the Nifty50 climbing 36.30 points to 11,624.70.

M&M Falls 2%

Mahindra and Mahindra shares fell 2 percent intraday after global brokerage house CLSA downgraded its rating on the stock to sell from underperform, citing weak earnings growth ahead.

The investment firm also slashed its target price to Rs 590 from Rs 690 per share.


Cummins India shares fell 5 percent after Sandeep Sinha resigned as Managing Director of the company.


Sinha also resigned as Vice President of Cummins India ABO, the company in its BSE filing said, adding the reason for his resignation is to pursue business interests outside of Cummins.